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  • Writer's pictureDavid-Lee Dowson

First Time Buyer's Checklist...

How, What & Where...

@ UR-Mortgage we are here to help you achieve your dream of owning your first home...

See below - our guide to get you where you should be...

Welcome to Homeownership!

Buying your first home is an exciting journey, and we’re here to help you navigate the world of mortgages with ease. Let’s get started!

Understanding Mortgages

A mortgage is simply a loan that helps you buy a property. As a first-time buyer, you’ll need to understand a few key terms:

  • Deposit: This is the amount you pay upfront. Typically, you’ll need at least 10% of the property’s value, but the more you can provide, the better your mortgage rates.

  • Loan to Value (LTV): This is the ratio of your mortgage amount to the value of the property. A lower LTV usually means lower interest rates.

  • Interest Rates: The cost of borrowing money. Fixed rates stay the same for a set period, while variable rates can change.

Step 1: Assess Your Finances

Before diving into the property market, it’s crucial to have a clear picture of your finances. Ask yourself:

  • Can I afford the monthly mortgage payments?

  • Do I have enough for a deposit and other upfront costs?

Use online mortgage calculators to estimate your budget and potential payments.

Step 2: Save for Your Deposit

Start saving early for your deposit. Consider opening a savings account specifically for this purpose. Look into government schemes that might boost your savings, like the Lifetime ISA.

Step 3: Explore Mortgage Options

There are various mortgage types available:

  • Fixed-Rate Mortgages: The interest rate stays the same for a set period.

  • Variable-Rate Mortgages: The interest rate can fluctuate over time.

  • Interest-Only Mortgages: You only pay the interest each month, with the loan amount due at the end of the term.

Research and compare these options to find what suits you best.

Step 4: Get Mortgage Advice

Speak to a mortgage advisor who can guide you through the process and help you secure the best deal. They can also explain any first-time buyer schemes that you may be eligible for.

Step 5: Find Your Home

Once you have a mortgage in principle, start house hunting! Make a list of your must-haves and nice-to-haves in a property.

Step 6: Make an Offer

When you find the right home, make an offer. If accepted, it’s time to finalise your mortgage application.

Step 7: Legal and Survey Checks

Hire a solicitor to handle the legal aspects of buying a home. You’ll also need to get the property surveyed to check for any issues.

Step 8: Finalise the Purchase

Once everything checks out, you’ll exchange contracts with the seller, pay your deposit, and set a date for completion. On completion day, the property is officially yours!

Remember, buying a home is a significant commitment. Take your time, do your research, and don’t rush into anything.

Good luck on your journey to becoming a homeowner! 🏡



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